524 Insurance Carriers and Related Activities

Subcategories of 524 Insurance Carriers and Related Activities

• 5241Insurance Carriers

  This industry group comprises establishments primarily engaged in underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies and investing premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance carriers are establishments that are primarily engaged in initially underwriting and assuming the risk of annuities and insurance policies. Reinsurance carriers are establishments that are primarily engaged in assuming all or part of the risk associated with an existing insurance policy (or set of policies) originally underwritten by another insurance carrier. Industries are defined in terms of the type of risk being insured against, such as death, loss of employment because of age or disability, and/or property damage. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.

• 5242Agencies, Brokerages, and Other Insurance Related Activities

  This industry group comprises establishments primarily engaged in (1) acting as agents (i.e., brokers) in selling annuities and insurance policies or (2) providing other employee benefits and insurance related services, such as claims adjustment and third party administration.

Other NAICS 2022 codes under 524 Insurance Carriers and Related Activities

• 521Monetary Authorities-Central Bank
• 522Credit Intermediation and Related Activities
• 523Securities, Commodity Contracts, and Other Financial Investments and Related Activities
• 525Funds, Trusts, and Other Financial Vehicles

Frequently asked questions

What is NAICS 2022 524?

NAICS 2022 524 is "Insurance Carriers and Related Activities". Industries in the Insurance Carriers and Related Activities subsector group establishments that are primarily engaged in one of the following: (1) underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies or (2) facilitating such underwriting by selling insurance policies and by providing other insurance and employee benefit related services.

What does NAICS 2022 524 include?

524 Insurance Carriers and Related Activities contains 2 direct subcategories: 5241 Insurance Carriers; 5242 Agencies, Brokerages, and Other Insurance Related Activities.

How does NAICS 2022 524 map to other classification systems?

524 Insurance Carriers and Related Activities has equivalents in Insurance Risk Types (dir_cyber, dir_fin, dir_liab, +2 more); InsurTech Types (dit_analytics, dit_claims, dit_p2p, +2 more); Insurance Product Types (dip_health, dip_life, dip_pc, +1 more); Actuarial Method Types (am_price, am_reserve, am_risk). These crosswalks let you translate this code between NAICS 2022 and 7 other classification systems.

What is the parent category of 524?

524 Insurance Carriers and Related Activities sits under 524 Insurance Carriers and Related Activities in the NAICS 2022 hierarchy.